China and Kazakhstan look set to seal a new oil-for-loans deal valued at some $10 billion. State giant China National Petroleum Corp. (CNPC) has been in negotiations with Kazakh state Kazmunaigas (KMG) to take a 49% stake in Mangistaumunaigas (MMG), the last big independent oil and gas producer in Kazakhstan. In return, China will offer Kazakhstan a $10 billion loan from its State Development Bank, Chinese press reports said Thursday.
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